By Laura Cooper
America's top beer is a Mexican import. Now it is caught in the crossfire of President Trump's trade war.
Shares of Modelo Especial brewer Constellation Brands $(STZ)$ fell about 6% in premarket trading Monday, after the U.S. announced a 25% tariff on Mexican goods.
Modelo dethroned AB InBev's Bud Light as America's top-selling beer in 2023 during a Bud Light boycott. Constellation's Mexican imports, which include Modelo, Corona and Pacifico beers as well as Casa Noble tequila, must be made in Mexico to be considered authentic.
Constellation last month lowered its profit and sales forecasts for the current fiscal year. Chief Executive Bill Newlands said last month that the company's response to the impending import tax would depend on the terms of the tariffs.
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(END) Dow Jones Newswires
February 03, 2025 07:10 ET (12:10 GMT)
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